THE MASSIVE boom in energy projects required by a global shift twoards ‘net zero’ could double the London insurance market, according to a brokers’ body.
The estimate of the amount of investment required in green energy to hit the zero emissions target by 2050 is around $5trn.
Research by the London and International Insurance Brokers’ Association (LIIBA) suggests that would results in around $125bn worth of insurnaance premiums being written – more than doubling the size of London’s insurance market at a stroke.
“If a significant proportion of that $125 billion came to London, it would transform our market and London’s standing for decades to come. It will also help deliver growth in UK export earnings, UK GDP and employment,” said LIIBA boss Christopher Croft.
London is increasingly seen as the home of global green finance, ranking first in consultancy Z/Yen’s world rankings.
Investment minister Lord Grimstone said London’s success would be good for the UK at large.